Huge deal for Baudette pharmaceutical company

Author:
Updated:
Original:

The Business Journal reports Baudette, Minnesota-based ANI Pharmaceuticals paid $12.5 million to buy 31 products from an Israeli company, Teva Pharmaceuticals. Teva is the biggest maker of generic drugs in the world.

ANI said it will begin transferring production to Baudette immediately. It expects to roll out the new medications late in 2014.

Wall Street reacted swiftly. The Associated Press reports shares of ANI rose 30 percent Friday.

The company had $11.7 million in revenue in the first half of 2013.

ANI's expansion is expected to have enormous impact in Baudette, population 1,100, a town on Lake of the Woods sometimes called "The Walleye Capital of the World."

Medical News called ANI an "emerging" generic drug company. The acquired products have all been approved by the U.S. Food and Drug Administration (FDA) as "abbreviated new drug applications." That means the FDA is satisfied that the drugs are "bioequivalent" to patented versions already on the market.

IMS Health, a health information clearinghouse, says there's an $860 million annual market for the drugs.

A profile of the company in the New York Times says it has mostly been a contract manufacturer for other pharmaceutical companies. It has two buildings in Baudette with 173,000 square feet of manufacturing, packaging and laboratory space. Its own products include narcotics, anti-cancer drugs and hormones.

In a statement, ANI President and CEO Arthur S. Przybyl said: "These products will strengthen our business by growing our revenue base and leveraging our manufacturing capabilities. We are excited that this transaction extends the ANI-Teva relationship beyond the existing generic testosterone gel partnership."

Next Up

pontoon

Man dies after falling from pontoon, being swept under boat

Friends believe he struck the motor while under the boat.

William_O'Brien_State_Park_-_panoramio

Man drowns in St. Croix River at William O'Brien State Park

It's not clear what caused the 46-year-old to go under.

ATV

Man, 66, dies after his ATV was hit by a minivan on highway

It happened in Renville County Friday evening.

Screen Shot 2021-06-12 at 10.09.06 AM

Rochester suddenly shuts down recently opened parking ramp

Original plans for the parking lot included housing above it, but issues with construction prevented it from being built.

Mudcat Grant

Former Twins pitcher Jim "Mudcat" Grant dies at 85

Grant was a critical piece of the 1965 AL Championship team but did much more.

sprinkler water

Lake Elmo among latest MN cities to implement outdoor watering ban

The ban prohibits automatic or mechanical watering outdoors in an effort to conserve water during the period of extreme heat.

LRT trail in Hopkins.

Police: Suspect assaulted woman on LRT trail in Hopkins

They're asking for the public's help tracking him down.

Screen Shot 2021-06-12 at 7.50.02 AM

Former WCCO reporter Mary McGuire joins FOX 9

She'll be reporting in a freelance role with the FOX affiliate.

Related